The company has partnered with original founder Tom Joule to acquire out of administration the majority of the assets of Joules via a newly formed company for £34m to be settled in cash.

In addition, Next has acquired the current Joules head office for £7m cash.

The company plans to continue to operate a significant number of stores - around 100 of the current 124 Joules' stores - in the UK and Ireland, subject to agreeing terms with landlords. However, 19 stores will be closed by the administrator with immediate effect.

Next will own 74% of the equity with the remaining 26% owned by Tom Joule.